Tesla shareholders voted on Thursday to approve a performance-based compensation package for CEO Elon Musk, potentially worth up to $1 trillion.

Over 75% of shareholders backed the plan, which ties Musk’s payout to ambitious milestones in revenue, market capitalization, artificial intelligence, and robotics. The vote revives a 2018 award previously voided by a Delaware court, following Tesla’s reincorporation in Texas.

The decision, made during Tesla’s annual general meeting in Austin, follows months of board-led campaigning. Promotional materials emphasized Musk’s leadership and long-term vision, despite concerns over slowing electric vehicle sales and his political affiliations. Musk appeared onstage with the Optimus humanoid robot, symbolizing Tesla’s growing focus on robotics, and remarked, “This is for the shareholders who believe in the future.”

The approved package includes 423.7 million shares, contingent on targets such as reaching a $8.5 trillion valuation and deploying one million operational Robotaxis. Proxy advisory firms Glass Lewis and ISS had recommended voting against the deal due to potential dilution risks, but support from retail investors helped secure its passage.

Critics, including Gerber Kawasaki CEO Ross Gerber, questioned the timing and priorities: “A struggling company ads for pay? Refocus on EVs.” Tesla’s market capitalization currently stands at $1.4 trillion, down 5% over the last quarter amid rising competition. Musk’s previous compensation dispute cost the company $40 million in legal fees.

The vote highlights Musk’s continued influence over Tesla’s direction, even as the company faces declining sales and growing scrutiny. Supporters such as Ark Invest’s Cathie Wood and Musk’s brother Kimbal defended the package, citing Musk’s unique leadership. However, concerns persist over the company’s strategic focus and public perception.